Advertising magnate John “Singo” Singleton has secured $15 million for the leasehold of Bondi Beach’s legendary three level restaurant, Icebergs Dining Room and Bar.
The elevated cliff-side allotment with 180 degree views of the Pacific Ocean, known to host a string of celebrities when they come to town, has been snapped up by Melbourne-based O’Brien Group, Australia and New Zealand’s biggest private hospitality business.
Ray White Hotels Andrew Jolliffe and Mark Bullock managed the deal, which attracted local and international parties.
Jolliffe said the suitability of the successful purchaser was important to the mogul and that the deal was more than just “a matter of price.”
“John patently saw himself as the custodian of an Australian icon over the course of his ownership, and we are very pleased that the successful purchasers are people of significant credibility and long-standing hospitality business ownership in respect of iconic Australian venues,” Jolliffe said.
Singleton, who once lived opposite the Icebergs restaurant and swam there regularly, made a promise to the management to completely rebuild the premises after it was found to contain concrete cancer.
The adman had previously said his purchase was not a great deal but the restaurant has become one of Australia’s most well-known locations.
Chef Maurice Terzini, who holds a lease until 2036, operates the Icebergs restaurant and bar.
Singleton, 77, has been divesting the pub portfolio he owns with former Qantas chief executive Geoff Dixon and Mark Carnegie over the past two years.